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Jan 2, 2013 4:30am PST
republicans including eric cantor the number 2 ranking house member voted against the bill because it didn't address spending. >> what we're doing is raising taxes to give the president more money to spend. >> reporter: president obama has promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress other than over whether they should pay the bills they have already racked up. >> reporter: the country is just a few months away from defaulting on their loans for the first too many in history. >> it would be catastrophic, far worse than the "fiscal cliff." >> reporter: many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. tara mergener for cbs news, washington. >>> after his address, president obama returned to hawaii to finish his vacation and will sign the bill there. >>> most overseas stock markets rose on news of the u.s. "fiscal cliff" has been avert
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